Xuanling posted: " The market had crashed midnight yesterday due to Luna's fever . Image credit: https://www.coindesk.com/markets/2022/05/12/terras-luna-has-dropped-997-in-under-a-week-thats-good-for-ust/ Stablecoin UST was supposed to peg at $1, but it was $0.22."
Stablecoin UST was supposed to peg at $1, but it was $0.22. It meant you would spend $1 to buy $0.22 of the token. You immediately lost 78% of your profits.
11/ Naturally, this is at a high cost to UST and LUNA holders, but we will continue to explore various options to bring in more exogenous capital to the ecosystem & reduce supply overhang on UST.
— 3I3I.eth (4841.eth) (@cryptodreamer94) May 12, 2022
And that is not sopping the nightmare of Terra that they would face .
To save UST, Terra issued a supply of tokens to support the losing value of UST and tanked the price of Luna from $80 to less than $1. So which is a stablecoin, then ?
Inflation stays for a long time that is out of the Fed expectation .
So the Treasury did not diminish the significance of stablecoin and claimed that both CBDC and stablecoin could co-exist. And they claimed the de-pegging is not a real threat to financial stability.
And very interesting that China just changed its mind about supporting Bitcoin and its legitimacy.
Also, the British suddenly invested money in crypto technology and tried to become a crypto hub in Europe.
While "Crypto Bros" lost $20B just within a week .
What just happened here ?
1⃣ Crypto is the future
Crypto is the future, and even people hate them. Nevertheless, it has become an alternative payment system for many governments to adopt.
2⃣ Crypto cycle is shorter
The boom and bust of the crypto cycle tend to be shorter since there are many projects, and only a few are sustained during the market downturn.
3⃣ Crypto innovation is faster
Since there a less regulated industry, the innovation has been faster and more easily be adopted.
But, crypto has been slowly integrated into our economy, and we continue helping the space to improve and become more inclusive.
midnight yesterday due to Luna's fever 
. Image credit: https://www.coindesk.com/markets/2022/05/12/terras-luna-has-dropped-997-in-under-a-week-thats-good-for-ust/ Stablecoin UST was supposed to peg at $1, but it was $0.22." 
(@stablekwon) 
.
? 
. And the Fed repeated that 
. 
.
just changed its mind about supporting Bitcoin and its legitimacy. 
suddenly invested money in crypto technology and tried to become a crypto hub in Europe.
. 
?
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